3 Things You’ll Need To Do Order to Comply with OVDP

3 Things You’ll Need To Do Order to Comply with OVDP

If you are interested in participating in the Offshore Voluntary Disclosure Program (OVDP), you are probably wondering what you’ll need to bring to the table in order to come into compliance with U.S. tax law. Our OVDP lawyers in Bethesda can help you get all of the information you need, since what is required will vary based on your circumstances. In general, though, there are a few things that you’ll need to do.

Submit Your Paperwork

There is a good deal of paperwork involved in disclosing your offshore accounts. You’ll need to provide information on each account, including amended tax returns and schedules for the unreported income. Our OVDP lawyers can help you determine what paperwork you’ll need as well as help you get it all prepared.

Pay Your Fines

There will be fines and back taxes required for the OVDP. The IRS will determine how much you owe. If you cannot pay the amount owed, we can help you arrange for an Offer in Compromise or an installment plan that can help you pay your total tax bill.

Cooperate in the Process

You’ll need to cooperate throughout the entire OVDP process, including disclosing account and answering questions from the IRS. The process can be lengthy, but our legal team will be there to walk you through it every step of the way.

Call Our OVDP Lawyers in Bethesda

If you are ready to start the OVDP process for your offshore accounts, get in touch with our legal team in Bethesda today. We can help you gather your paperwork, work out a deal with the IRS, and help you every step of the way. Click on the button below to contact our office for a consultation.

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